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U.S. Senator Lummis proposed a tax exemption amendment for Crypto Assets microtransactions.
Gate News bot message, according to CoinDesk, U.S. Senator Cynthia Lummis is advancing a cryptocurrency tax amendment in the “Big Beautiful Law.” The amendment proposes that cryptocurrency transactions not exceeding $300 per transaction and a total annual amount of less than $5000 will be exempt from taxes.
The amendment also introduces new taxation methods for assets obtained through staking, mining, airdrops, and forks, stipulating that these assets are only taxed upon sale to address the current “double taxation” issue. In addition, the amendment includes tax reforms related to Crypto Assets lending, wash trading, and Crypto Assets donations.